The FCA has published its quarterly KPIs for Q4 2015. The KPIs provide information on the average processing time for applications, how many applications it determines and the distribution of all decisions. Some of the key points to note for Q4 in relation to firms applying for a Part 4A permission are:
- The average time taken in weeks to process an application has increased in Q4 for the retail sector. The FCA says that the higher volumes it has received has increased the time taken to allocate the applications to case officers which has resulted in higher average processing times. It is seeking to address this issue through efficiency gains and by applying additional resources to authorisation processes.
- The FCA has seen an increase in the volume of determined applications. A determined application is an application that has been authorised or is authorised subject to conditions being satisfied. The latter includes applications that may be subsequently withdrawn, having not met the necessary conditions or where the application was subsequently retracted.
- There have been no refusals in this quarter and the percentage of withdrawals has decreased.
The FCA has also published another document that details the number of skilled person reports commissioned in Q3 2015/16. In total there were 4 of these reports commissioned; of which 1 was in the consumer credit sector.